NUS UTown gets $15m gift
By Ang Yiying
NGEE Ann Kongsi has given $15 million to the National University of Singapore University Town, or NUS UTown, to support scholarships, bursaries and distinguished professorships.
This is the biggest donation that the the NUS UTown has received so far, and it is also the biggest sum that Ngee Ann Kongsi - a foundation that supports educational, cultural and welfare activities - has given to NUS to date.
The NUS UTown is a residential learning experience designed to encourage interactive peer group learning, with four colleges - that can take up to 600 students each - loosely modelled in the style of Oxford and Cambridge in Britain. With government matching of the donated sum, NUS UTown will receive more than $36 million in all.
Of Ngee Ann Kongsi's gift, $13.5 million is endowed, which means that only interest from the principal sum will be used, and this sum is matched 1:1.5 by the Government. The remaining $1.5 million is matched one-to-one by the Government.
A gift agreement ceremony between Ngee Ann Kongsi and NUS took place at the Istana on Tuesday, witnessed by NUS chancellor, President S R Nathan, who also received the cheque on behalf of NUS.
NUS president Tan Chorh Chuan said the donation will help with recruiting top professors and supporting students who can benefit from the UTown programme but who face financial difficulties.
By Ang Yiying
NGEE Ann Kongsi has given $15 million to the National University of Singapore University Town, or NUS UTown, to support scholarships, bursaries and distinguished professorships.
This is the biggest donation that the the NUS UTown has received so far, and it is also the biggest sum that Ngee Ann Kongsi - a foundation that supports educational, cultural and welfare activities - has given to NUS to date.
The NUS UTown is a residential learning experience designed to encourage interactive peer group learning, with four colleges - that can take up to 600 students each - loosely modelled in the style of Oxford and Cambridge in Britain. With government matching of the donated sum, NUS UTown will receive more than $36 million in all.
Of Ngee Ann Kongsi's gift, $13.5 million is endowed, which means that only interest from the principal sum will be used, and this sum is matched 1:1.5 by the Government. The remaining $1.5 million is matched one-to-one by the Government.
A gift agreement ceremony between Ngee Ann Kongsi and NUS took place at the Istana on Tuesday, witnessed by NUS chancellor, President S R Nathan, who also received the cheque on behalf of NUS.
NUS president Tan Chorh Chuan said the donation will help with recruiting top professors and supporting students who can benefit from the UTown programme but who face financial difficulties.
